Icici Bank Limited (IBN)
NYSE:IBN
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Icici Bank
(NYSE:IBN)
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Rating:69Neutral
Price Target:
$29.00
▲(4.58% Upside)
Action:ReiteratedDate:01/20/26
The score is driven primarily by strong profitability/growth and a solid balance-sheet profile, partially offset by weak operating/free cash flow. The latest earnings call supports the outlook with stable margins, healthy growth, and strong capital/liquidity, but regulatory provisioning and cost/subsidiary headwinds temper confidence. Technicals and valuation are supportive but not decisive.
Positive Factors
Capital & Liquidity Strength
ICICI's CET1 of 16.46% and total capital adequacy of 17.34% plus an LCR ~126% provide durable regulatory buffers. This strong capital and liquidity base supports disciplined loan growth, absorbs periodical credit stress, and preserves capacity for investments or capital actions over the medium term.
Negative Factors
Weak Cash Generation
Reported negative operating cash flow and materially weaker free cash flow show earnings are not converting into cash efficiently. Over a multi-month horizon this raises reliance on external financing, constrains self-funding for loan growth or payouts, and reduces flexibility to absorb shocks or opportunistic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital & Liquidity Strength
ICICI's CET1 of 16.46% and total capital adequacy of 17.34% plus an LCR ~126% provide durable regulatory buffers. This strong capital and liquidity base supports disciplined loan growth, absorbs periodical credit stress, and preserves capacity for investments or capital actions over the medium term.
Read all positive factors
Icici Bank (IBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$99.83B
Dividend Yield0.85%
Average Volume (3M)6.26M
Price to Earnings (P/E)18.9
Beta (1Y)0.50
Revenue Growth10.85%
EPS Growth7.98%
CountryUS
Employees187,765
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.35
Shares Outstanding3,580,718,000
10 Day Avg. Volume5,210,775
30 Day Avg. Volume6,256,533
Financial Highlights & Ratios
PEG Ratio1.30
Price to Book (P/B)3.08
Price to Sales (P/S)3.28
P/FCF Ratio12.50
Enterprise Value/Market Cap98.49
Enterprise Value/Revenue3.26
Enterprise Value/Gross Profit4.79
Enterprise Value/Ebitda9.69
Forecast
1Y Price Target
$37.50Price Target Upside35.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.73
Revenue Forecast (FY)$14.88B
Icici Bank Business Overview & Revenue Model
Company Description
ICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to retail and corporate customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, ...
How the Company Makes Money
ICICI Bank makes money primarily by earning interest income on loans and investments and paying interest on deposits and borrowings, with the difference recorded as net interest income (NII). Its core revenue model is therefore driven by (a) growt...
Icici Bank Earnings Call Summary
Earnings Call Date:Jan 17, 2026
(Q3-2026)
| Next Earnings Date:Apr 18, 2026
Earnings Call Sentiment Positive
Overall the call presents a constructive operating picture: healthy loan and deposit growth, solid NII growth, stable NIMs, strong capital and liquidity metrics, and improved adjusted profitability after excluding an RBI-directed one-off provisioning item. Counterbalancing this are the RBI-directed INR 12.83 billion standard provision for a PSL-related agricultural portfolio, a year-on-year decline in reported PAT, a treasury loss, continued gross NPA additions (albeit lower than prior year), a weak quarter for some subsidiaries (notably general insurance combined ratio >100 and weaker international profits), a contraction in the credit card book, and above‑trend operating expense growth (including labor-code related provisions). On balance the core franchise and balance-sheet metrics are resilient and the management presented remediation plans for the PSL issue and confidence about margin and growth momentum, so the positives modestly outweigh the negatives.Positive Updates
Core operating profit growth
Core operating profit increased 6% year-on-year and 2.5% quarter-on-quarter to INR 175.13 billion in Q3 FY2026.
Negative Updates
RBI-directed additional standard asset provision for agricultural PSL
The bank made an additional standard asset provision of INR 12.83 billion following RBI supervisory review for an agricultural priority sector portfolio; management estimates the underlying portfolio size at roughly INR 200–250 billion and expects to remediate or otherwise manage PSL shortfall (possible increased use of PSLC/RIDF or organic remediation).
Read all updates
Q3-2026 Updates
Positive
Negative
Core operating profit growth
Core operating profit increased 6% year-on-year and 2.5% quarter-on-quarter to INR 175.13 billion in Q3 FY2026.
Read all positive updates
Company Guidance
Management guidance was that NIMs should remain range‑bound (Q3 NIM 4.3%), with repo/MCLR repricing and some retail deposit repricing offsetting each other; loan growth momentum is expected to continue into Q4 after domestic loans grew 11.5% YoY (4.0% QoQ) and overall loans 11.5% YoY (4.1% QoQ), while average deposits rose 8.7% YoY (1.8% QoQ) and total deposits were up 9.2% YoY (2.9% QoQ); the bank will work to regularize an identified INR 200–250 billion agricultural PSL portfolio (an additional standard provision of INR 12.83 billion was taken this quarter) and maintain prudent provisioning (total provisions this quarter INR 25.56 billion; excluding the additional PSL provision INR 12.73 billion; contingency provisions INR 131 billion or ~0.9% of advances; total other provisions INR 226.57 billion or 1.5% of loans); capital and liquidity targets remain strong (CET1 16.46%, total CAR 17.34%, average LCR ~126%); credit metrics remain healthy (net NPA 0.37%, PCR 75.4%), and management reiterated a focus on risk‑calibrated profitable growth and sustainable returns after Q3 results of core operating profit INR 175.13 billion, PBT excl. treasury INR 149.57 billion (PAT INR 113.18 billion; adjusted PAT w/o extra PSL INR 122.8 billion with implied ROA 2.3% and standalone ROE 15.5%).Icici Bank Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
75
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.02T | 2.95T | 2.35T | 1.85T | 1.58T | 1.61T |
| Gross Profit | 2.05T | 2.01T | 1.60T | 1.29T | 989.30B | 964.98B |
| EBITDA | 1.01T | 1.65T | 635.04B | 488.90B | 280.08B | 218.35B |
| Net Income | 528.91B | 510.29B | 442.56B | 340.37B | 251.10B | 183.84B |
Balance Sheet | ||||||
| Total Assets | 26.69T | 26.42T | 23.64T | 19.58T | 17.53T | 15.74T |
| Cash, Cash Equivalents and Short-Term Investments | 1.97T | 2.38T | 1.90T | 1.64T | 2.14T | 1.82T |
| Total Debt | 2.15T | 2.04T | 2.01T | 1.84T | 1.59T | 1.40T |
| Total Liabilities | 23.23T | 23.13T | 20.94T | 17.37T | 15.65T | 14.07T |
| Stockholders Equity | 3.30T | 3.14T | 2.56T | 2.14T | 1.82T | 1.58T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 773.94B | 1.54T | 552.00B | 777.05B | 1.36T |
| Operating Cash Flow | 0.00 | 822.20B | 1.57T | 577.21B | 795.97B | 1.38T |
| Investing Cash Flow | 0.00 | -2.37T | -1.46T | -2.53T | -1.94T | -629.87B |
| Financing Cash Flow | 0.00 | 2.06T | 137.65B | 1.47T | 1.51T | -546.67B |
Icici Bank Technical Analysis
Negative
27.73
Price Trends
28.59
Negative
29.48
Negative
30.77
Negative
Market Momentum
-0.42
Negative
55.66
Neutral
85.62
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBN, the sentiment is Negative. The current price of 27.73 is above the 20-day moving average (MA) of 26.40, below the 50-day MA of 28.59, and below the 200-day MA of 30.77, indicating a neutral trend. The MACD of -0.42 indicates Negative momentum. The RSI at 55.66 is Neutral, neither overbought nor oversold. The STOCH value of 85.62 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IBN.
Icici Bank Risk Analysis
Icici Bank disclosed 63 risk factors in its most recent earnings report. Icici Bank reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Icici Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $101.08B | 9.08 | 21.64% | 9.77% | 11.82% | 3.41% | |
72 Outperform | $89.23B | 10.18 | 11.88% | 3.11% | 1.79% | 30.93% | |
69 Neutral | $99.83B | 18.92 | 15.95% | 0.85% | 10.85% | 7.98% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $131.55B | 21.06 | 13.09% | 3.03% | -1.78% | 0.65% | |
64 Neutral | $79.08B | 12.62 | 9.93% | 3.19% | -20.94% | -18.71% | |
57 Neutral | $105.62B | 10.79 | 9.73% | 2.31% | -2.84% | 25.48% |
* Financial Sector Average
IBN
Icici Bank
27.73
-3.34
-10.75%
HDB
Hdfc Bank
26.73
-6.61
-19.83%
ITUB
Itau Unibanco
9.16
4.15
82.83%
LYG
Lloyds Banking
5.49
1.96
55.52%
MFG
Mizuho Financial
8.63
3.90
82.45%
PNC
PNC Financial
221.13
71.27
47.56%
Icici Bank Corporate Events
ICICI Bank Finalizes Transfer of Select AIF Management to ICICI Prudential AMC
Apr 2, 2026
ICICI Bank Limited disclosed that, following prior announcements in May 2025 and March 2026, it has completed a key step in reorganizing its investment management operations. The private equity, venture capital, and real estate fund management bus...
ICICI Bank Redeems Strategic Investments Fund Units, Removes Vehicle From Group Accounts
Mar 25, 2026
On March 25, 2026, ICICI Bank disclosed that ICICI Venture Funds Management Company, its wholly owned subsidiary, had been managing ICICI Strategic Investments Fund, whose financial results were fully consolidated with the bank because ICICI Bank ...
ICICI Bank Fully Redeems USD 800 Million Notes Under Global Medium Term Note Programme
Mar 20, 2026
ICICI Bank Limited has redeemed in full USD 800 million of notes issued under its Global Medium Term Note Programme, together with USD 16 million in accrued interest, for a total payout of USD 816 million. The redemption, completed on March 18, 20...
ICICI Bank Faces ₹384 Crore GST Demand Over Minimum-Balance Services
Mar 20, 2026
On March 18, 2026, ICICI Bank received an order from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate, under Section 74 of the Maharashtra Goods and Services Tax Act, 2017. The order raises a Goods and Services T...
ICICI Bank Sets April 18 Board Meeting for FY 2026 Results and Dividend Consideration
Mar 20, 2026
ICICI Bank has notified investors that its Board of Directors will meet on Saturday, April 18, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026, and to decid...
ICICI Bank Secures SEBI Nod to Shift Key Alternative Investment Funds to ICICI Prudential AMC
Mar 4, 2026
ICICI Bank has reported that India’s securities regulator, SEBI, has approved a key step in the previously announced plan to transfer the private equity, venture capital and real estate fund management business of ICICI Venture Funds Managem...
ICICI Bank Moves to Boost Stake in ICICI Prudential Life to Preserve Majority Control
Mar 2, 2026
ICICI Bank’s board, meeting from February 26 to 28, 2026, approved the purchase of up to an additional 2.0% stake in its subsidiary ICICI Prudential Life Insurance Company. The move is designed to help the bank maintain its majority sharehol...
ICICI Bank Shareholders Clear Appointment of Independent Director via E-Voting
Feb 27, 2026
ICICI Bank has reported to U.S. and Indian investors that shareholders have approved a special resolution to appoint Ms. Vijayalakshmi Iyer as an independent director, effective December 1, 2025. The approval followed a postal ballot and remote e-...
ICICI Bank to Challenge Maharashtra GST Appellate Order on ₹50.38 Crore Tax Demand
Feb 23, 2026
ICICI Bank has disclosed that, on February 21, 2026, it received an Order in Appeal from the Maharashtra Goods and Services Tax Department upholding a tax demand of ₹50.38 crore, along with an equivalent penalty and applicable interest. The ...
ICICI Bank Wins RBI Nod to Build Strategic Stakes in Eight Indian Banks
Feb 13, 2026
On February 10, 2026, ICICI Bank and its group entities, via ICICI Prudential Asset Management Company, received Reserve Bank of India approval to acquire an aggregate holding of up to 9.95% of the paid-up share capital or voting rights in eight I...
ICICI Bank Publishes Transcripts on Q3 FY2026 Financial Results
Jan 23, 2026
On January 22, 2026, ICICI Bank Limited reported to the U.S. Securities and Exchange Commission that it has released transcripts of its recent media conference call and earnings call with analysts and investors, covering the financial results for ...
ICICI Bank Clears Q3 FY2026 Results, Extends Top Management Tenures
Jan 22, 2026
On January 17, 2026, ICICI Bank’s board approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, confirming continued profitability with solid operating performance and cap...
ICICI Bank Posts Q3 and Nine-Month FY2025 Results Presentation Ahead of Earnings Call
Jan 22, 2026
On January 17, 2026, ICICI Bank Limited announced that it has released an investor presentation for its financial results for the quarter and nine months ended December 31, 2025, which will be used during its earnings call with analysts and invest...
ICICI Bank Posts Q3 FY2026 Earnings Call Recordings Online
Jan 22, 2026
On January 17, 2026, ICICI Bank Limited reported to U.S. regulators that it has released audio recordings of its recent financial results discussions for the quarter and nine months ended December 31, 2025. The bank has uploaded the media call and...
ICICI Bank Seeks Shareholder Nod for New Independent Director, Extends Voting Rights to ADS Holders
Jan 22, 2026
On January 17, 2026, ICICI Bank’s board approved a special resolution to appoint Ms. Vijayalakshmi Iyer as an Independent Director, to be ratified by shareholders through a postal ballot conducted exclusively via remote e-voting in line with...
ICICI Bank Schedules January 17 Calls to Discuss Q3 and Nine-Month FY2025 Results
Jan 14, 2026
On January 13, 2026, ICICI Bank Limited announced that it will hold two separate conference calls on January 17, 2026 to discuss its financial results for the quarter and nine months ended December 31, 2025. A media call is scheduled for 4:00 p.m....
ICICI Bank Announces Retirement of Independent Director Neelam Dhawan
Jan 13, 2026
ICICI Bank Limited has announced that independent director Neelam Dhawan retired from the bank’s board on January 11, 2026, following the completion of her second term as an independent director. The change, disclosed under Indian listing re...
ICICI Bank Completes Buyout of ICICI Prudential Pension Funds Management Unit
Jan 13, 2026
On January 12, 2026, ICICI Bank Limited announced that it has completed the acquisition of 100% shareholding in ICICI Prudential Pension Funds Management Company Limited from ICICI Prudential Life Insurance Company Limited, following earlier discl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.